BBC Business News reports court papers show that troubled US carmaker General Motors is hoping to return to profitability in 2011 after it emerges from bankruptcy protection.
The company’s financial adviser, Evercore Partners, estimates that GM will lose $17.5bn (£10.9bn) this year before making a profit of $3bn in 2011.
The estimate is based on GM selling 16 million vehicles a year, up from current levels of less than 10 million.
A slump in sales forced GM to file for bankruptcy protection this week.
The carmaker also announced this week that it had agreed to sell its Hummer brand of sports utility vehicles to an unnamed buyer by the end of September.
GM has already confirmed that it will discontinue its Pontiac brand and it has agreed the sale of its European arm as it attempts to streamline its business. Full story…